Discounted Cash Flow (DCF) Analysis Unlevered
Bright Scholar Education Holdings L... (BEDU)
$1.62
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 275.02 | 410.08 | 538.64 | 224.28 | 274.39 | 304.87 | 338.74 | 376.37 | 418.18 | 464.63 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 68.40 | 76.28 | 44.49 | 69.25 | 3.44 | 51.13 | 56.81 | 63.13 | 70.14 | 77.93 |
EBITDA (%) | ||||||||||
EBIT | 54.66 | 55.35 | 12.90 | 33.77 | -18.36 | 26.91 | 29.90 | 33.22 | 36.91 | 41.01 |
EBIT (%) | ||||||||||
Depreciation | 13.74 | 20.93 | 31.59 | 35.48 | 21.80 | 24.22 | 26.92 | 29.91 | 33.23 | 36.92 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 504.62 | 558.12 | 542.62 | 135.15 | 106.36 | 316.66 | 351.84 | 390.93 | 434.36 | 482.61 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3.51 | 16.62 | 18.04 | 335.39 | 52.78 | 108.20 | 120.22 | 133.57 | 148.41 | 164.90 |
Account Receivables (%) | ||||||||||
Inventories | 1.47 | 4.20 | 4.48 | 1.21 | 1.10 | 2.03 | 2.26 | 2.51 | 2.79 | 3.10 |
Inventories (%) | ||||||||||
Accounts Payable | 10.18 | 15.09 | 14.89 | 11.75 | 16.04 | 12.94 | 14.38 | 15.98 | 17.75 | 19.72 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -18.81 | -24.83 | -23.96 | -25.39 | -19.66 | -21.85 | -24.27 | -26.97 | -29.97 | -33.29 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 1.62 |
---|---|
Beta | 0.534 |
Diluted Shares Outstanding | 29.81 |
Cost of Debt | |
Tax Rate | -171.88 |
After-tax Cost of Debt | 7.54% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.329 |
Total Debt | 271.19 |
Total Equity | 48.28 |
Total Capital | 319.48 |
Debt Weighting | 84.89 |
Equity Weighting | 15.11 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 275.02 | 410.08 | 538.64 | 224.28 | 274.39 | 304.87 | 338.74 | 376.37 | 418.18 | 464.63 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 68.40 | 76.28 | 44.49 | 69.25 | 3.44 | 51.13 | 56.81 | 63.13 | 70.14 | 77.93 |
EBIT | 54.66 | 55.35 | 12.90 | 33.77 | -18.36 | 26.91 | 29.90 | 33.22 | 36.91 | 41.01 |
Tax Rate | 21.93% | 27.72% | 33.95% | 88.00% | -171.88% | -0.06% | -0.06% | -0.06% | -0.06% | -0.06% |
EBIAT | 42.68 | 40 | 8.52 | 4.05 | -49.92 | 26.93 | 29.92 | 33.24 | 36.93 | 41.04 |
Depreciation | 13.74 | 20.93 | 31.59 | 35.48 | 21.80 | 24.22 | 26.92 | 29.91 | 33.23 | 36.92 |
Accounts Receivable | - | -13.11 | -1.42 | -317.34 | 282.61 | -55.42 | -12.02 | -13.36 | -14.84 | -16.49 |
Inventories | - | -2.73 | -0.28 | 3.27 | 0.11 | -0.93 | -0.23 | -0.25 | -0.28 | -0.31 |
Accounts Payable | - | 4.91 | -0.19 | -3.15 | 4.29 | -3.09 | 1.44 | 1.60 | 1.77 | 1.97 |
Capital Expenditure | -18.81 | -24.83 | -23.96 | -25.39 | -19.66 | -21.85 | -24.27 | -26.97 | -29.97 | -33.29 |
UFCF | 37.61 | 25.18 | 14.25 | -303.08 | 239.24 | -30.14 | 21.75 | 24.17 | 26.85 | 29.84 |
WACC | ||||||||||
PV UFCF | -28.08 | 18.87 | 19.53 | 20.21 | 20.92 | |||||
SUM PV UFCF | 51.46 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.36 |
Free cash flow (t + 1) | 30.43 |
Terminal Value | 567.77 |
Present Value of Terminal Value | 398.07 |
Intrinsic Value
Enterprise Value | 449.53 |
---|---|
Net Debt | 164.83 |
Equity Value | 284.70 |
Shares Outstanding | 29.81 |
Equity Value Per Share | 9.55 |